China has decided to ban local bitcoin exchanges. That's because bitcoin has suffered a lot due to price manipulation by Chinese bitcoiners and bitcoin miner dominance. We can not forget the obstacles made by Chinese mining and miners in activating segwit. Previously, bitcoin markets were largely dependent on China for every thing. Some people say that China does it because people pass through the banking system and in turn government regulations use bitcoin. China more than any other country wants to have strong control over its banking system, and allocate credit according to the political agenda.